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News release

KANSAS CITY, MO

Rising Secondary Cities Show Investment Opportunity

JLL closes sale of Sheraton Suites Country Club Plaza in Kansas City


KANSAS CITY, Mo., Dec. 2, 2014 – The appetite to acquire lodging assets continues to gain momentum and investors are turning their sights toward high-quality product in secondary markets. JLL’s Hotels & Hospitality experts announced today that they’ve closed the sale of Sheraton Suites Country Club Plaza​ on behalf of The Procaccianti Group. The 257-key hotel was acquired by Garrison Investment Group.

Managing Director Robert Webster and Executive Vice President Tim Southard led the JLL team on the transaction.

“The Sheraton Suites Country Club Plaza is a well-maintained asset in a stable and growing market,” said Webster. “Its premier location on Kansas City’s upscale 15-block Country Club Plaza generates significant demand capture from travelers visiting the city.”

The Plaza hosts the area’s top shopping, dining and entertainment venues. The institutional-quality asset features a three-meal restaurant, an indoor/outdoor heated pool, the Sheraton Club Lounge and fitness center.

The Procaccianti Group will retain management for Garrison Investment Group.

JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US $36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.

For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s iPhone app or iPad app from the App Store.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.